Summit Properties pays $5.7M for 84-unit walkup in Washington Heights, former Pinnacle building

Summit Properties through the entity Flgsp 281/295 Wadsworth Ave LLC paid $5.7 million for the 84-unit residential walkup building (C1) at 281/295 Wadsworth Avenue in Washington Heights, Manhattan. The expected use is cash flowing. The former owner to Pinnacle Group through the entity 281/295 Wadsworth Associates, LLC, lost the property in a bankruptcy.
The deal closed on March 31, 2026 and was recorded on April 8, 2026. The property has 70,310 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $81 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for the debtor on behalf of Pinnacle Group was David Barse . The signatory for Summit Properties was Estefania Knight.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Summit Properties purchased four properties in three transactions for a total of $67.8 million and has no record it sold any properties over the past 24 months.
The seller Pinnacle Group had not purchased any other properties and sold two properties in two transactions for a total of $19.1 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Senad Toskic, head officer. The business entity is 281/295 Wadsworth Associates Llc. The 70,310-square-foot property generated revenue of $1.3 million or $18 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 84 residential units in Washington Heights has 70,310 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 189 feet and is 100 feet deep with a total lot size of 18,975 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1988 and expires in 2022. The city-designated market value for the property in 2022 is $3.2 million. The property has 85 rent regulated units according to city tax records from 2024.

Violations and lawsuits

The property was involved in one lawsuit and one bankruptcy over the past two years. The suit was a $149.7 million commercial foreclosure concerning a loan filed on March 21, 2025, by Flagstar Bank against Pinnacle Group and Joel Wiener. The bankruptcy was filed on May 21, 2025, by Pinnacle Group citing assets of $574.4 million. In addition, according to city public data, the property has received 92 housing violations, $3,150 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 22 commercial properties representing 329,523 square feet of the 618,212 square feet. The largest owner is Sdg Management, followed by Pinnacle Group and then Bronstein Properties.
There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 618,212 square feet of built space are walkup buildings, with elevator buildings next occupying 6 percent of the space.

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